Why aren’t the western MSM reporting more on ClimateGate? This is because the corporate MSM is owned and controlled by the Illuminati cabal that wants a One World Government. The media whores are paid to sell and promote products, ideas, propaganda, dis-information… disguised as news. You will only get truth on inconsequential topics like Michael Jackson’s death, Paul Abdul’s crazy behavior, Paris Hilton’s sex exploits…etc.

It is apparent that ClimateGate is exploding despite the MSM relative silence. The Illuminati cabal is caught and are now on the back foot. They are stepping up their efforts and pulling forward their schedule for this Global Warming treaty. They know that it is slipping away from them quickly and they need to act fast. This treaty will formalize a One World Government’s financial controls. It will allow nations to be taxed to support this One World Government. It is legally binding. It is a huge Illuminati bankster scam to make the sheeple pay for their global government machinations.

By now most of us in the alternative media are aware of the some 61 megabytes of global warming research data of emails, documents, and computer code released by whistleblowers (or hackers), that have exposed climate scientists, at the University of East Anglia in Great Britain, as the frauds they’ve proven themselves to be.

This decade of emails and documents clearly concludes that global warming scientists have manipulated scientific data to “hide the decline” in global temperatures; and the fact that, there has been no statistically significant global warming for fifteen years, but our world has experienced a rapid and significant cooling for nine years. So breath-taking has been this leaked data, to date, it has produced some startling headlines in the alternative media:

Now, these global warming scientists, who have been so severely exposed for the frauds they are, are crying, “Persecution!”. While their own emails prove they have been very busy planning how best to get tenured professors fired, who will not shallow the rotten fish of anthropogenic global warming, how to black-ball them from scientific journals, and prevent them from participating in the peer-review process. Persecution? No, prosecution in a criminal court of law is what they deserve.

Even Obama’s Climate Czar, John P. Holdren has been exposed, by these emails, for the fraud he is, proving Holdren’s avid global warming advocacy has been more driven by politics than science. Holdren, Director of the White House Office of Science and Technology Policy, is no stranger to extremist views: In a 1977 book, Holdren co-authored (Ecoscience – Population, Resources, Environment), he campaigned for compulsory abortion, mass sterilization, involuntary infertility, a one-child policy, and global governance.

In another of Holdren’s books (Human Ecology: Problems and Solutions), he even argued that babies were not human beings. Mr. Holdren, there’s no question babies are human. The real question is are you a human being?

These academic and governments fraudsters, along with their corporate media counterparts, account for the fact that many people have been denied the truth regarding the man-made global warming myths.

The so-called “consensus” establishing the validity of the man-made global warming theories does not exist; the mainstream, corporately owned media merely tell us it does; and, do not expect “our” media to widely broadcast anything about these email exposures; many people will never hear of them.

When caught red-handed in their lies, the corporate media always has but one response: Utter silence, waiting for the smoking gun to cool, and then be forgotten. But if the red-hot pistol doesn’t cool quickly enough, the whole corrupted system of the controlled press goes into over-drive, preparing for a workable gambit: Which is usually their tried and true method of creating controversy, something relatively easy for them to do. And once an issue enters the world of controversy, the Establishment usually wins the info wars of public opinion, because they get the most words, the loudest words, and the last words. And after all, they represent authority.

Trial and error is employed to find the kindling that will ignite the fires of controversy. Usually the first maneuver is tested with some secondary official, from some secondary country, to gage the effectiveness of the ploy. This process has already begun with Dutch Environment Minister Jacqueline Cramer.

Ms. Cramer has claimed that the East Anglia University whistleblowers, or hackers, altered 61 metabytes of computer data before leaking the files, in spite of the fact such a statement, has to date, never been made by the man-made global warming advocates, who wrote it all .

If Ms. Cramer’s allegations gain traction, expect to hear more about how the whistle-blowers falsified the data. We may even hear of innocent people coming to trial, falsely confessing they were the ones who “altered” all the emails, before releasing them. But, with enough mind control, I could be convinced, I was the one who falsified them, even though I know so little about computers, I can hardly use my Apple program to write this sentence. Ms. Cramer, in her outrage, screamed, “This is just criminal. It’s unacceptable.”

What is acceptable Ms. Cramer, the death of a billion starving people, and the guaranteed poverty of the rest of us, due to the pending Cap and Trade legislation in Washington, and the coming international laws, directives, regulations, and more laws, that will inhibit the farming of food and the means to get it to market, with few of us having enough money to buy food if it were available? Am I exaggerating? I hope so, but believe not.

The short answer is Yes. But not just Britain. Many first world counties are heading towards sovereign debt default. This will no doubt lead to a global monetary and financial crisis. I am skeptical of the current recovery because it is drive by debt. You can’t borrow and spend your way out of debt. If you borrow US$2T to boost the economy today, some time in the future you have to pay back.

In America’s case, since foreigners own most of the debts, when pay back time comes, US$2T will be withdrawn from the economy. This will result in economic contraction. Of course, with current debts of US$12T and unfunded liabilities of US$80-$90T, when pay back comes, it will be economic Armageddon.

A year ago, the world reacted with astonishment as Iceland technically went bust. It seemed inconceivable that a modern democratic nation could have such parlous finances that only an emergency $6billion bail-out from the International Monetary Fund enabled its economy to keep functioning.

This week, we witnessed a similar crisis in the Middle East but on a far, far more dangerous scale, as Dubai effectively defaulted on £48billion of loans. Unless its more prudent and oil-rich neighbour, Abu Dhabi, launches a rescue plan then Dubai – once a gilded monument to financial success – will effectively be insolvent.

Which leads us to a haunting question: as the country in the world hardest hit by the credit crunch, with gross domestic product (GDP) projected to decline by almost five per cent in 2009, could Britain be next? Let’s think the unthinkable for a moment. These are the facts.

Even before the financial crisis, the British Government spent roughly £30billion more per year than it earned in tax revenues. This money, of course, had to be borrowed from international investors. Today, the Government needs up to £200billion a year for at least the next three years in order to meet its spending commitments. But the Government’s estimates invariably understate its true need, and they have to be continually revised upwards.

Before the crunch, total government debt stood at roughly 40 per cent of GDP. It is now around 60 per cent of GDP, but is projected to soar close to 100 per cent in the next few years. But again, that is not the full story.

Treasury estimates of the size of the national debt ignore so-called ‘off balance sheet commitments’, such as Private Finance Initiatives (effectively, hospitals and schools built with money loaned by the private sector) as well as the massive unfunded government pension liability.

There may be other, hidden, liabilities. After this week’s shocking revelation of secret loans of £62billion made by the Bank of England to the Royal Bank of Scotland and HBOS at the height of the credit crunch, who knows how many other skeletons remain in the Treasury’s closet? It is wise to assume that the true size of Britain’s debts could be much bigger than we all think.

Yet politicians of both parties can’t acknowledge this. Why? Because any dispassionate analysis would spell only one thing – we need massive spending cuts and tax rises to avoid heading the way of Iceland and Dubai.

The news is potentially so bad that politicians simply don’t want the general public to know what’s going on. Given the scale of the crisis, what then do they propose? New Labour is non-committal, suggesting that cuts will be prudent, thoughtful and spare people’s worst pain. The Conservatives have targeted around £7billion of spending cuts, but these won’t happen immediately and are nothing like enough to rebalance the nation’s books.

Besides, one minute the Tories are preaching ‘austerity’, warning that savage cuts are needed, the next David Cameron is telling the City that ‘our strategy has to be for growth, both now and in the long term’.

Such posturing, flip-flopping and vague promises are truly worrying. For, make no mistake, we could be teetering on the brink of a truly epic national crisis – one that makes the financial hardship of the past 18 months seem like a mere inconvenience.

For the past few years, Hollywood disaster movies have shown the world under attack by aliens or being destroyed by global warming. We have all thrilled to images of the White House being taken out by a giant laser beam or Big Ben frozen in an Ice Age snow drift.

A disaster movie involving countries going bust doesn’t quite have the same dramatic appeal, but it would be every bit as deadly as a tsunami hitting London – and we have precious little left to defend us.

We’ve already had one big shock to Britain’s financial system as many of our best-known banks teetered on the brink. The Treasury spent hundreds of billions of taxpayers’ pounds trying to steady the ship. The financial cupboard is now bare. So what could cause the second wave of the disaster?

In three words – a sterling crisis. So far, containment of the crisis has focused on rescuing the banks and pumping more money into the system through the crazy Zimbabwe-esque expedient of ‘quantitative easing’ – effectively flooding the banking system with more cash. This has cost hundreds of billions of pounds, all of which needs to be repaid if we are to avoid rampant inflation. That means borrowing more money from the international money markets.

But there is a problem. Until recently it was unthinkable that a sovereign nation couldn’t service its debts. And yet this is exactly what’s just happened with Dubai. If international lenders begin to doubt the creditworthiness of UK plc, they will downgrade our credit rating and dramatically increase the rates of interest they charge. UK banks will have to follow suit to match these rates, putting unsustainable pressure on our struggling economy.

Thousands of businesses already hit by the recession will go bust. Trapped by soaring unemployment and welfare benefits, the Government will have to borrow more. And so the vicious debt cycle will continue to spiral down towards national insolvency – and, potentially, social anarchy. Why won’t our politicians get a grip?

The seeds of a possible future disaster were sown during the Blair years. Blair inherited a strong, stable economy which had been responsibly managed by his Conservative predecessors with acceptable levels of government debt. He played his first term in office with textbook good sense; it was a continuation of Conservative policy to all extents and purposes, with debt kept at record lows. After that, perhaps because the Opposition was so weak, Blair and his Chancellor let rip.

The massive spending by New Labour on public services during its last two terms was a good idea in principle but a disaster in practice. This was because Blair was not a ‘details’ type of person. As with the invasion of Iraq, he took wide-ranging decisions on economic planning based on little more than a broad vision, no doubt wishing to feel the hand of history upon his shoulder. Instead of the money being carefully managed, with every penny accounted for as with a household budget, it was sprayed about indiscriminately like a fire hose out of control.
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Christmas is only four weeks away; people don’t want to hear bad news. Our politicians also don’t want to be the ones to deliver it (bad news equals lost votes). But unfortunately, as Dubai’s predicament now shows, we’ve got to stop thinking that it couldn’t happen to us and start having an urgent national debate if we are to have any hope of staving off disaster.

The Conservatives are odds-on to win the forthcoming General Election, to be held probably in May or June. There is a view they will not announce the full range of spending cuts they intend to make until it is safely won. Once in office they can claim the situation is far worse than they envisaged and start swinging the axe. But do we want a party that surfs into office on a wave of optimism, only then to reveal its true character later? This is hardly the stuff of greatness.
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Present times are alarmingly like 1939, when the nations didn’t want to accept the prospect of a war, or – if they did – liked to feel it would be over quickly. Even our then Prime Minister, Neville Chamberlain, delayed, entering futile peace negotiations and refusing to accept reality. It took a great man, possibly the greatest Englishman of all time, to save the nation.

What if the great danger in our lifetime is not a military but an economic war? Who then has the moral courage to take the tough but necessary action?

Apart from the United States many major countries are also going bust. Japan and UK comes to mind. What is of significance with the bust of America is that the USD is the world reserve currency. As much as 65% of the world’s foreign reserves are held in USD. This is mainly because oil is priced and sold in USD. Since all countries need to buy oil, the USD is accepted any where. International trade is largely done in USD too. Some estimates put it at 67% of all international trade.

In the past 6 months, many countries anticipating some sort of devaluation of the USD is shifting their USD reserves into other currencies and gold. Many countries, notably BRIC, have begun the process of untying their trade from the USD. Many agreements have been signed between countries to accept each other currencies for international trade. Will the USD be devalued? It has been losing value for the past 6 months. A more drastic debasement is around the horizon.

Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from?

How did we end up with so much short-term debt? Like most entities that have far too much debt – whether subprime borrowers, GM, Fannie, or GE – the U.S. Treasury has tried to minimize its interest burden by borrowing for short durations and then “rolling over” the loans when they come due. As they say on Wall Street, “a rolling debt collects no moss.” What they mean is, as long as you can extend the debt, you have no problem. Unfortunately, that leads folks to take on ever greater amounts of debt… at ever shorter durations… at ever lower interest rates. Sooner or later, the creditors wake up and ask themselves: What are the chances I will ever actually be repaid? And that’s when the trouble starts. Interest rates go up dramatically. Funding costs soar. The party is over. Bankruptcy is next.

When governments go bankrupt it’s called “a default.” Currency speculators figured out how to accurately predict when a country would default. Two well-known economists – Alan Greenspan and Pablo Guidotti – published the secret formula in a 1999 academic paper. That’s why the formula is called the Greenspan-Guidotti rule. The rule states: To avoid a default, countries should maintain hard currency reserves equal to at least 100% of their short-term foreign debt maturities. The world’s largest money management firm, PIMCO, explains the rule this way: “The minimum benchmark of reserves equal to at least 100% of short-term external debt is known as the Greenspan-Guidotti rule. Greenspan-Guidotti is perhaps the single concept of reserve adequacy that has the most adherents and empirical support.”

The principle behind the rule is simple. If you can’t pay off all of your foreign debts in the next 12 months, you’re a terrible credit risk. Speculators are going to target your bonds and your currency, making it impossible to refinance your debts. A default is assured.

So how does America rank on the Greenspan-Guidotti scale? It’s a guaranteed default. The U.S. holds gold, oil, and foreign currency in reserve. The U.S. has 8,133.5 metric tonnes of gold (it is the world’s largest holder). That’s 16,267,000 pounds. At current dollar values, it’s worth around $300 billion. The U.S. strategic petroleum reserve shows a current total position of 725 million barrels. At current dollar prices, that’s roughly $58 billion worth of oil. And according to the IMF, the U.S. has $136 billion in foreign currency reserves. So altogether… that’s around $500 billion of reserves. Our short-term foreign debts are far bigger.

According to the U.S. Treasury, $2 trillion worth of debt will mature in the next 12 months. So looking only at short-term debt, we know the Treasury will have to finance at least $2 trillion worth of maturing debt in the next 12 months. That might not cause a crisis if we were still funding our national debt internally. But since 1985, we’ve been a net debtor to the world. Today, foreigners own 44% of all our debts, which means we owe foreign creditors at least $880 billion in the next 12 months – an amount far larger than our reserves.

Keep in mind, this only covers our existing debts. The Office of Management and Budget is predicting a $1.5 trillion budget deficit over the next year. That puts our total funding requirements on the order of $3.5 trillion over the next 12 months.

So… where will the money come from? Total domestic savings in the U.S. are only around $600 billion annually. Even if we all put every penny of our savings into U.S. Treasury debt, we’re still going to come up nearly $3 trillion short. That’s an annual funding requirement equal to roughly 40% of GDP. Where is the money going to come from? From our foreign creditors? Not according to Greenspan-Guidotti. And not according to the Indian or the Russian central bank, which have stopped buying Treasury bills and begun to buy enormous amounts of gold. The Indians bought 200 metric tonnes this month. Sources in Russia say the central bank there will double its gold reserves.

So where will the money come from? The printing press. The Federal Reserve has already monetized nearly $2 trillion worth of Treasury debt and mortgage debt. This weakens the value of the dollar and devalues our existing Treasury bonds. Sooner or later, our creditors will face a stark choice: Hold our bonds and continue to see the value diminish slowly, or try to escape to gold and see the value of their U.S. bonds plummet.

One thing they’re not going to do is buy more of our debt. Which central banks will abandon the dollar next? Brazil, Korea, and Chile. These are the three largest central banks that own the least amount of gold. None own even 1% of their total reserves in gold.

This is interesting. It confirms that the current swine flu vaccine which Big Pharma and WHO is foisting upon the world will not be effective against the D225G mutation.

Recombinomics Commentary 03:31
November 28, 2009
One isolate from Ukraine with the mutation had changed so that swine flu vaccine probably would not protect against it well, Britain’s national medical laboratory reported Friday. Flus mutate so fast, Dr. Fukuda cautioned, that announcing each change is “like reporting changes in the weather.”

The above quote from tomorrow’s NY Times piece by Donald McNeil, acknowledges the vaccine failure for viruses with D225G. However, although WHO has publicly confirmed the failure, they don’t think an announcement is required. Thus, they continue to offer altering opinions on the significance of D225G, which directs H1N1 to the lung and was present in four of four fatalities in Ukraine.

The associate of D225G with the Ukraine fatalities led to a survey of samples in Norway, where D225G was found in three patients (two who died and 1 who was in serious condition). Similarly, France found D225G in two fatal infections, including one who was Tamiflu resistant.

However, even though this change is drawing additional attention daily, WHO has taken a position that the vaccine failure against H1N1 with this D225G is not worthy of an announcement. This mindset is significant cause for concern and is hazardous to the world’s health.

Lord Christopher Monckton on the Alex Jones show on Friday to discuss the Climategate story. Infowars reports:

With the release of over 60 megabytes worth of incriminating emails, and the world getting a glimpse into the world of fanatical pseudo-science, there is little that can be done by the professors who are now on intellectual trial. Whether the emails were leaked or hacked, the people responsible for getting the information out have helped uncover the truth about “climate change” like no news story before it. While there have been piles of evidence to expose the global warming fraud in the past, a written exchange in their very own words is the ultimate proof.

With Lord Christopher Monckton making an appearance on the Alex Jones show on Friday to discuss the Climategate story, it is evident that even top political figures are speaking out against phony “climate change”. The very premise that carbon dioxide is bad for the environment goes against the basic fundamentals of science. While it is absurd to think the public would fall for something so outlandish as to say that one of the building blocks of life is a poison, you must remember that many agreed to ban water under it’s scientific name dihydrogen monoxide.

One would believe that the day the groundbreaking emails surfaced would be the last for global warming propagandists, yet the professors still attempt to lie their way out of the issue. Some so-called environmentalists even went into a state of hysteria upon finding out about the leaked emails. The professors can dance around on television all day, but the truth cannot be silenced by a thousand lies.

When looking at the history of the climate change scandal, you will find that the alarmist terminology shifts repeatedly. First they warned against global cooling, warning of a new ice age. Shortly after the warning of a new ice age, global warming was toted as the new killer. The mainstream media picked up global warming as the story of the generation, claiming it was the inevitable killer of humanity. As more and more evidence surfaces, they are now forced to admit that we are entering a cooling trend. As more and more saw this repetitious cycle for what it is, phony scientists toting global warming were forced to change their wording. “Climate change” emerged as the new word used in order to accommodate any environmental change.

The ludicrous claims made by pushers of the global warming scam have been thoroughly debunked, and those in charge of creating false numbers have been exposed. It is time to inform everyone you know about these recent findings. Don’t let false science dictate the actions that you make in your life.

There are many questions that come to my mind: Is the WHO working for Big Pharma? Why did the WHO change the pandemic level 5/6 guidelines to make A/H1N1 into a pandemic. A/H1N1 swine flu is milder than seasonal flu and has an even lower mortality rate. It virtually guarantees that every year is a pandemic emergency. This is pure BS. I do not trust the WHO and will never trust them ever! Here is what Infowars Ireland reports:

Translated from Russian by Infowars IrelandThe Swine Flu Pandemic which Novye Izvestija has written about many times, may be the most ambitious scam and corruption of our time. In any case, the enormous commercial aspect of the “swine flu scare” is already evident.

The same conclusion was reached by Danish journalists who expertly examined the links between the World Health Organization (WHO) and the world’s leading pharmaceutical companies, who gained wealth by selling drugs to counter the disease. It turns out, for example, that many scientists who sit on various committees of WHO, carefully concealed the fact that they receive money from the giant pharmaceutical companies of the world.

According to the international investment bank JP Morgan, the pharmaceutical industry will make more than 7 Billion Euros this year on the sale of A/H1N1 vaccines. Leading western countries have ordered enough doses to vaccinate either their entire population (such as Australia) or one third (Germany and several other EU member States). Factories making the vaccines and pills are working around the clock, in four shift rotations, with a backlog of orders …they are not experiencing the global economic crisis as others might.

For the first time in many years flu pandemic ‘panic’ has affected the EU. The vaccine has been produced without a sufficient number of clinical and laboratory tests. Is such a panic justified? a growing number of specialists are examining the issue by comparing the mortality statistics from the swine flu virus and it’s ‘conventional’ varieties, each Autumn they begin their march across the planet. So far, according to WHO, six thousand people have fallen victim to A/H1N1, while the average annual death rate during epidemics of ‘traditional’ varieties of flu reaches half a million.

The main cause of the hysterical response to the swine flu epidemic, according to reporters from the Danish newspaper ‘Information’, is not because it is so dangerous, but because of a strong public relations campaign by experts from WHO. Some of them [WHO experts] are literally in the service of the vaccine manufacturers.

“It is disturbing that many of the scientists who sit on various committees of WHO, are presented as ‘independent experts’, but they carefully conceal the fact that they receive money from pharmaceutical companies”, Professor of epidemiology, Tom Jefferson, who works at the Cochrane Center in Rome, told reporters.

WHO announced the swine flu pandemic under pressure from a panel of advisers, headed by a Dutch doctor, Albert Ostenhaus, nicknamed ‘Dr. Flu’ (from the name ‘Tamiflu’) because he was active in promoting mass vaccination of the population through WHO and the Western media. Now the government of the Netherlands is conducting an emergency investigation into the activities of ‘Doctor Flu’, as it became known that he receives a salary from several vaccine manufacturing companies. Many other WHO advisers sit ‘on two chairs’ (conflict of interest) like Ostenhaus, and while dealing with the swine flu pandemic on behalf of WHO, they do not like to advertise that they are paid advisers to pharmaceutical giants Roche, RW Johnson, SmithKline and Beecham Glaxo Wellcome, who have received the lion’s share of orders for manufacturing of vaccines. The result of pressure from these experts was the resolution of WHO on 7th July this year, which called for an unprecedented campaign of mass vaccination.

“The WHO is biased in their recommendations – says Professor Tom Jefferson. – Normal hygiene measures provide much greater effect than these little-studied vaccines, and at the same time WHO refers to the use of masks and hand-washing as a means to combat swine flu only twice in their documents. Vaccines and other medications are referred to 42 times!” Dr. Jefferson and several of his colleagues believe that paid advisers of the pharmaceutical companies should be removed from their positions and not allowed to give recommendations to the WHO, but the organization itself is in no hurry to carry out such a reform. WHO spokesperson, Gregory Hertl, commenting on the article in ‘Information’ (Danish newspaper) said it is impossible to deny the services of the world’s leading experts on the sole ground that they have a financial interest in the promotion of a strategy to combat various diseases.

It should be noted that this is not the first year that ’scope for corruption’ in pharmacology has been the focus of the Western media. The New England Journal of Medicine published ‘The Whistleblower’ several years ago. In a series of articles the Whistleblower showed the inside life of the ‘medical mafia’. According to them, only 11-14% of pharmaceutical companies budgets are spent on research, but 36% of funds are spent on PR. Much of the money ends up in the pockets of doctors, scientists, and the accounts of various organizations working in health care.

This should come as no surprise to people who follow the situation in Dubai. It also confirms what Lindsey Williams said earlier in the year: the Illuminati bankster elite want to crash Dubai and buy it up for pennies on the dollar. Dubai will turn into a ghost town! BreitBart reports:

London lost 1.86 percent to 5,264.97 points in late morning trade but was suspended at about 1030 GMT owing to a technical issue. ….. Elsewhere, Frankfurt dived 1.80 percent to 5,698.99 points and Paris plunged 1.89 percent to 3,737.06 points at the half-way stage. In Asia,Beijing nosedived 3.62 percent, Tokyo fell 0.62 percent and Hong Kong closed 1.78 percent lower. Chinese shares were also hit by the prospect of tighter banking rules and worries about monetary policy next year. New York markets is closed Thursday for the Thanksgiving Day holiday in the United States.
“We have two major factors weighing on equities and other risk markets: Dubai’s call for a moratorium on its debt repayment to May and more stringent capital adequacy requirements for Chinese banks — but Dubai is bigger,” David Morrison, an analyst at financial betting firm GFT, told AFP. The government of Dubai shocked financial markets on Wednesday when it said it would ask creditors of its Dubai World conglomerate for a debt moratorium of at least six months.

The Dubai government announced that it would revamp the Dubai World group and wanted its lenders to extend its maturing debt until at least May 2010. Dubai added that it had raised five billion dollars in a new bonds issue aimed at helping meet its debt obligations. ……
In addition, the partial default by Dubai “fed a climate of insecurity and crisis of confidence at a time when fears are mounting about excessive public debt.” As equities sank heavily, investors sought safety in the bond market and gold, which struck yet another record high point. ……. He added: “If (Dubai) had given the debt markets more warning, then there would be less of a panic now.”

Meanwhile, ratings agency Standard & Poor’s said the development could be considered a default and downgraded a raft of Dubai government entities including Dubai World. “The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and its subsidiary, (construction group) Nakheel,” S & P said in a statement.

“In our view, such a restructuring may be considered a default under our default criteria, and represents the failure of the Dubai government to provide timely financial support to a core government-related entity.” Barclays Capital analyst Paul Robinson warned that the issue of Dubai could contribute towards a “serious” pullback in global stock markets. Others warned that it could take more than a decade for investor enthusiasm over Dubai to return, as a result of this week’s development. “Dubai could not undermine either itself, or global perception any further as a place not to do business in at the moment,” MF Global analyst Manus Cranny told AFP. “Quite literally, this geographic region is now looking as a mirage in stability terms.”

He added: “It is the much longer term implications on funding, confidence and capital raising that will take a decade or more to re-establish.”This last-minute moratorium on debt repayments at Dubai World is unacceptable has all the smacking of an Ireland — nay worse, an Iceland — in the making. “The two regions may be polemic in climate but mirror images in terms of credit and ability to meet their bills.”